>> It's a disease that strikes 50 million people worldwide, stealing a lifetime of memories along the way, and there is no cure. But positive signs on a treatment for Alzheimer's Disease leading to a memorable day for shares of Biogen. I'm Conway Gittens in New York. Shares of Biogen surging as much as 23% on Friday to a six month high.
Now a drug that it's working on with Japanese drug maker Eisai showing some positive results in a mid-stage clinical trial. Now shares are moving significantly higher because this is a bit of a surprise. Because just a few months ago, Biogen said in December that preliminary tests weren't going all that well, and the drug wasn't producing the kind of results that it was hoping for.
Longer-term tests tell a different story. Patients given the highest dose of the drug have responded well. Biotech companies like Biogen rely on a pipeline of new drug discoveries to stay afloat. Wall Street analysts say this drug is now likely to go onto late stage clinical trials, giving Biogen at least another try coming up with a cure.
And adding $10 billion in stock market wealth along the way.